Digital gold via UPI hits record 254 Mn transactions in March

Mon Apr 20 2026

Digital gold purchases through UPI continued their strong run in March 2026, as transactions reached a record 254.44 million and total value stood at Rs 3,171.96 crore, according to NPCI data. The value was lower than the January peak of Rs 3,926.47 crore but higher than Rs 3,032.41 crore in February, while transaction volumes rose from 222.83 million in February to a record high in March.

UPI has emerged as the primary channel for digital gold purchases in India. More than 90% of such transactions now take place through the payments network. The category has also expanded across payment and fintech platforms. Digital gold sales have grown across Paytm, PhonePe, Indiagold, Jar, Amazon Pay, Google Pay and other UPI-enabled platforms. Users now opt for small-ticket purchases through apps.

The data also points to a shift in consumer behaviour. Users are moving away from lump-sum festive buying and towards smaller, more frequent transactions.

The segment saw fluctuations in late 2025. Purchases stood at Rs 2,290 crore in October during the festive period, before declining to Rs 1,215 crore in November even as volumes increased. The segment recovered to Rs 2,079 crore in December and peaked in January.

On the regulatory front, the Securities and Exchange Board of India had stated in November that digital gold products fall outside its purview, leaving the segment without a dedicated regulator despite rising transaction volumes. A formal circular or notification is yet to come into effect, even as the buying trend continues without any visible slowdown.

Other top UPI spending categories in March

UPI transactions in March were led by consumption-driven segments. Groceries and supermarkets topped the list with 3,751 million transactions worth Rs 81,879 crore. Fast food outlets recorded 1,474 million transactions (Rs 17,237 crore), while restaurants saw 1,250 million transactions (Rs 20,784 crore). Fuel purchases stood at Rs 44,180 crore, and telecom services contributed Rs 23,723 crore.

Utilities, pharmacies, along with categories such as online marketplaces, apparel, electronics, and entertainment, also saw steady traction.

Source: https://entrackr.com/